Market Wrap: Investors Bank on an ASX recovery

Australian shares soared higher again today, finishing the day above 5000 points.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1.8% to 5006 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.8% to 5057 points
  • AUD/USD at US 70.23 cents
  • Iron Ore at US$42.20 a tonne, according to the Metal Bulletin
  • Gold at US$1,101.25 an ounce
  • Brent oil at US$32.53 a barrel

The local share market took inspiration from booming share markets around the world on Friday, together with a strong rebound in oil prices.

Oil prices surged 10% during the latest session, prompting shares in the energy sector to follow suit. Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) gained 3.8% and 4.2%, while Origin Energy Ltd (ASX: ORG) and Liquefied Natural Gas Ltd (ASX: LNG) jumped 5.5% and 11.7%.

The major banks also provided plenty of drive for the broader market. All four banks closed more than 3% higher, with Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) rising the most, up 3.4% and 3.3%.

Medibank Private Ltd (ASX: MPL) shares gained another 0.8%, while Slater & Gordon Limited (ASX: SGH) shares closed 18.6% higher.

Cardno Limited (ASX: CDD) and Treasury Wine Estates Ltd (ASX: TWE) weren’t so lucky, shedding 6.4% and 5.2%, respectively.

Here are Monday’s top stories:

  1. Will oil be the “Trade of the Year” in 2016?
  2. Bell Potter puts $2.97 target on Medibank Private Ltd shares: Should you buy?
  3. Why Flight Centre Travel Group Ltd shares can soar for years to come
  4. These 5 shares are crushing the S&P/ASX 200 in 2016
  5. Should you buy JB Hi-Fi Limited at this share price?
  6. Why the Nextdc Ltd share price is soaring today

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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